Asked at a press conference last week to summarize Gazprom’s universal investment idea in one word, the Russian state-controlled gas giant’s CEO, Alexei Miller, failed to produce an answer. Analysts said this reflects the company’s indecisiveness at a time when its ambitious projects in Europe and China are under pressure from low oil prices and geopolitical tensions. Judging by recent events, however, Gazprom has shown itself to be better at adapting to the new realities in Europe than it is faring in China. In Europe, the company is managing to find partners for key projects despite strong political opposition and an expected growth in competition, while in China, a lack of flexibility may see it lose market share to suppliers of cheap LNG.
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